The Classy Investors

  /  Top News   /  Uber Delivers Big Q2 Loss as Virus Puts Breaks on Ride Sharing

Uber Delivers Big Q2 Loss as Virus Puts Breaks on Ride Sharing

imageStock Markets5 hours ago (Aug 06, 2020 04:08PM ET)

(C) Reuters. Uber Tech Earnings Miss, Revenue Beats In Q2

By Yasin Ebrahim – Uber on Thursday reported a wider-than-expected loss as the stay-at-home measures to contain the Covid-19 pandemic wreaked havoc on its ride-sharing business.

Uber Technologies Inc (NYSE:UBER) shares lost 3.28% in after-hours trade following the report.

Uber Tech announced a loss per share of $1.02 on revenue of $2.24 billion. Analysts polled by anticipated a loss of 80 cents a share on revenue of $2.09 billion.

Gross bookings fell 35% to $10.2 billion for the quarter compared to last year, missing analysts’ consensus of $10.50 billion, led by a 75% slump in gross booking for Uber’s rides, its core ride-sharing business.

Uber Eats, however, benefited from the pandemic-led surge in food delivery demand, with gross bookings up 106% for the quarter compared to last year.

Monthly active platform consumers, a tally of each consumer who completed a ride or ordered a meal, declined 44% to 55 million in the quarter.

Despite the wider loss, the company said it had continued confidence that it “will achieve adjusted EBITDA profitability before the end of 2021.”

Stay up-to-date on all of the upcoming earnings reports by visiting’s earnings calendar

Uber Delivers Big Q2 Loss as Virus Puts Breaks on Ride Sharing

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.